When it comes to the commercial- mortgage bond market these days, location is everything.

From Webster, Texas to Providence, Rhode Island, borrowers in the U.S. are coming up short, unable to get new loans as about $59 billion in mortgages packaged into bonds comes due in 2012, according to data compiled by Bloomberg. In contrast, $930 million has been refinanced on two New York skyscrapers in the past month; Vornado (VNO) Realty Trust’s Park Avenue tower and Sheldon Solow’s 9 West 57th Street, home to Chanel SA and KKR & Co....

Insurers and international banks have zeroed in on lending to the strongest borrowers in the best markets since 2010, according to Ben Thypin, director of market analysis for Real Capital Analytics, a New York-based research firm. While appetite for so-called trophy assets will continue in 2012, some lenders may push into smaller markets, he said.

“One of the big questions this year is whether or not the trickle of activity we saw move into secondary and tertiary markets in 2011 becomes more of a flood,” Thypin said. “The economy is a big determining factor.”

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Ben Carlos Thypin

I am currently the co-founder of Quantierra, the world's first data driven real estate brokerage and investment manager. In my former life as Director of Market Analysis at Real Capital Analytics, I worked with press outlets large and small to provide them with great data and insightful commentary. Here are some of the results of this collaboration. For the rest, please check out the News Archive.